Smart Sensors Market Research
The introduction of new technology and devices on the market continue to rise, fueled by competition and necessity. Consequently, it positively affected the manufacturing industry responsible for producing specific parts for each device. One market positively affected is the smart sensors market. As innovation continues to become an important factor of growth in tech, the demand for smart sensors also follows. With it, it is expected to experience growth of more than 10% in the next five years.
The need for smart sensors and smart sensors market research exists not only in IT but also in security, weather forecasting, water resource management, agriculture, and others.
Smart sensors revolutionized all industries, simplifying tasks and providing comfort for all their users. With the dominant use of smart sensors, it is predicted that demand for maintenance and repair will also follow.
However, despite unprecedented growth, the smart sensor market also faces challenges.
What Are Smart Sensors
Smart sensors are technological devices that utilize transducers to collect specific information from a physical environment. The data collected will be used for the smart sensors to perform a specific task on that particular information. The result will be transmitted through a network connection, changing the data’s physical properties to calculable electrical signals.
There are different smart sensors on the market, which are:
- Level Sensor: Use an electric signal to assist in maintaining and measuring liquid levels.
- Pressure Sensor: A device that converts mechanical pressure into electric signal output, usually used in pipelines.
- Temperature Sensor: As its name suggests, it measures temperatures from the air, to liquid, to solid.
- Proximity Sensor: Utilize to detect without physically touching any existing object within the proximity area.
- Infrared Sensor: Notices objects, measures them, and detects motions within its surroundings by emitting light
- Smart Climate Sensor: Gathers information on barometric pressure, humidity, and temperature, which is helpful for evaluating weather conditions.
- Smart Plant Sensor: Performs by providing data about the care and nourishment of a plant.
- Motion Sensor: Commonly utilized in homes to detect any motion inside and outside, then give a signal to the user.
- Air Quality Detection Sensor: Monitors and detects the air quality within the nearby area.
There are more specific types of smart sensors available in the market. The following mentioned are the common and popular ones.
Key Market Players
Valued in tens of billions, the smart sensors market attracted a ton of market players. In a decade, it is expected to hit hundreds of billions in compound annual growth (CAGR).
Get to know the key market players that lead the global industry:
- ABB Ltd.: This Swedish company aims to provide innovative solutions using robotics, machine automation, and digital services. Their Ability Smart Sensor transforms traditional motors into smart wireless devices for better monitoring and optimized efficiency.
- Analog Device Inc.: Founded in the United States, this semiconductor company focuses on power management, signal processing, and data conversion technology. They use their iSensor MEMS subsystems as integration on a variety of devices, such as gyroscopes and pressure sensors.
- Honeywell International Inc.: This conglomerate works in four sectors: building technologies, performance materials and technologies, and safety and productivity solutions. They offer a variety of sensors, from air quality sensors to heat detectors.
- Texas Instruments Inc.: Texas Instruments designs and manufactures semiconductors and integrated circuits. Having multiple production companies all over the world, they can produce multiple types of sensors, such as magnetic sensors, light sensors, and temperature sensors.
- Yokogawa Electric Corporation: This Japanese corporation primarily works on software and electrical engineering. They differentiate themselves from the other players with their SENCOM smart sensors. Yokogawa claims that their SENCOM smart sensor simplifies the in-field maintenance of the device, reduces configuration time, and improves calibration.
There are other key players in the market besides the following. They also contribute millions of dollars to the market, each introducing their very own design of smart sensors.
Development And Trends in Smart Sensors Market
The smart sensor market maintains its growth with new opportunities based on innovative designs and the Internet of Things that rely on them. All of this help innovate the smart sensor landscape and improve automation.
Some of these developments and trends are as follows:
- Micro-Electro-Mechanical System (MEMS) dominates the market: MEMS technology-based sensors compose a majority of the smart sensor market. Fast-growing technology is introduced regularly, which ensures continued dominance of the MEMS for the coming years. MEMS also cements its position with its advantageous use, such as improved accuracy, high reliability, fast operations, easy maintenance, and minimal use of energy.
- Demand for smart sensor-enabled wearable devices: Consumers are adapting more and more wearable devices to help track their biometrics, especially for fitness and medical purposes. These smart sensors also started getting integrated into other objects, such as footwear, watches, and smart glasses.
- Infineon’s CO2 sensors and Gas Sensors: Infineon introduced their new CO2 sensors, an innovative solution to tackle the demand for accurate indoor air quality. They also partnered with Rainforest Connection (RFXc) to save and monitor biodiversity, using Infineon’s gas sensors.
- Consumer electronics market growth: Electronics market is dominated by consumer electronics, which includes smartphones, laptops, and PCs. However, new advancements are introduced to diversify the market, such as smart TV and smart home appliances, both requiring the use of smart sensors.
Challenges And Troubles With Smart Sensors Market
The smart sensors market may experience impediments from the following challenges:
- A critical requirement of accurate smart sensor performance: Smart sensors are highly valuable for their accurate measurements. Automated industries rely heavily on their effectiveness, so precision is regarded of utmost importance. Any misstep or miscalculation on the part of the smart sensor can cause a costly mistake.
- Race to price, energy, and size reduction: Researchers aim to make smart sensors more accessible. Efforts are made to create ones at the nanoscale while improving device performance. To achieve this, it was already proposed to use 0D, 1D, and 2D materials with bio-inspired concepts.
- The difficulty of Predicting Real-Time Evolution: Manufacturers are challenged to expect and foresee the trends. Many industries are affected by the smart sensor market, and to cater to each of these industries’ needs might require more than hindsight with smart sensors market research.